Euromoney Financial Industry Survey: Majority Recognise Blockchain Transformational Capability

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Out of the 151 institutions – comprising banks, their issuing and investing clients, tech companies, law firms and regulators – that answered Euromoney’s questions on the Blockchain in 2015 more than half think that it will transform banking fundamentally. 

Euromoney conducted the survey in December and published the results here.

More than half of all respondents think blockchain technology will transform banking fundamentally, while another third think it will be an important technological tool for improving efficiency, though perhaps not utterly disruptive.

Only one in eight think that either it is just hype and will not have much effect or that it should be characterized just as one new technology among many others. Two thirds of all respondents believe that most business will be done on permissioned blockchain networks, created, controlled and verified by industry incumbents, with less than one in 10 believing that the public blockchain behind bitcoin – the only one currently up and running – will be the main venue for wholesale financial transactions. 

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Not a single respondent from any bank believes that banking business will go on the bitcoin blockchain. 

Asked which businesses are most likely to be transformed by the blockchain, 11% suggest trading of securities as smart contracts, 14% suggest clearing and settlement and 18% payments, with 12% suggesting different use cases.

Full article can be read here.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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